Den Networks slips as OFS begins

Den Networks fell 2.74% to Rs 53.30 after the offer for sale (OFS) opened for non-retail investors today, 26 March 2021.

Through the OFS, the company's promoters Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings propose to sell up to 5,54,85,048 equity shares (representing 11.63% stake).

The floor price for the OFS is Rs 48.50 per equity share, a 11.5% discount to Den Network's closing price of Rs 54.8 on Thursday, 25 March 2021.

As of 31 December 2020, Jio Futuristic Digital Holdings holds 42.23% stake, Jio Digital Distribution holds 17.65% stake while Jio Television Distribution holds 18.18% stake in the company.

The OFS opened on Friday (26 March 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Tuesday (30 March 2021). A total of 10% of the total offer size is reserved for retail investors.

As on 12:15 IST, the OFS received subscription for 2,49,48,087 shares, recording a subscription of 49.96% on the base non-retail offer size of 4,99,36,543 shares.

Den Networks is a leading Cable TV Distribution company in the country with a wide gamut of services including Cable TV and Broadband. The cable distribution company posted 238.8% jump in consolidated net profit to Rs 65.57 crore on a 7.6% rise in net sales to Rs 342.18 crore in Q3 December 2020 over Q3 December 2019.

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